BS Managers Plan is a collective life-savings insurance, contracted by the company in favour of all or part of its employees and/or managers, that establishes benefits in the event of retirement, disability or death.
The only beneficiaries are the employees and managers determined by the company.
The BS Managers Plan is for companies that wish to formalise pension commitments for part of their employees and/or managers and at the same time increase loyalty and improve relations of the same with the company.
The insurance allows deferred remuneration plans to be implemented with better tax advantages for the manager. Its characteristics make this product an optimum instrument for relating the manager to the company, in that it allows the collection of benefits to be conditioned according to seniority in the same.
Additionally it makes identification with the business objectives and the concern of the manager with regard to retirement, compatible. The accumulated capital does not form part of the company balance sheet, but remains unconnected to the assets and, therefore cannot be seized to cover possible insolvencies.
All in all, it offers advantages for the company and security for their managers.
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The amounts contributed by the company can be different for each employee. They can be modified or suspended each year.
The insurance is financed by means of premiums (contributions) paid exclusively by the company.
- The BS Managers Plan is controlled completely by the company, as it is the company who decides which managers to include in the plan and what contributions (periodical and extraordinary) it makes for each. It also decides (at the time of contracting) the manager's rights in the event of leaving the company: if the accumulated saving is returned to the company or if the manager holds all or some of the rights with regard to said balance.
- It is adapted to the financial situation of the company, being able to suspend the contributions when necessary, without assuming obligations in the future.
- Simple and fast contracting in any Banco Sabadell branch.
- Retirement or similar situation : accumulated balance on the date on which notification is received by BanSabadell Vida of the retirement situation of the insured.
- Permanent disability (total or absolute): accumulated balance on the date on which notification is received by BanSabadell Vida of the disability situation of the insured.
- Death : accumulated balance on the date on which notification is received by BanSabadell Vida of the death of the insured, plus an additional capital of 600€.
- Company : in the event of termination of the working relationship of one of the insured , the company will recover the accumulated balance, in accordance with what was agreed with the manager at the time of contracting the policy, which will be expressly included in the annexed document of the policy. On the date of termination, the company will be able to increase, on an individual level, but never restrict, the rights of the manager that leaves the company.
- Manager : the manager can only recover the balance in the event of serious illness or long-term unemployment, in the terms indicated in the pension plan regulations.
On redemption, in no case will a penalty be applied to the realisation value of the investments linked to the accumulated balance.
The contributions are invested in asset baskets chosen by the company from the different options on offer by BanSabadell Vida at each moment, with the possiblity of changing, when desired, the choice made initially, without any cost, according to the evolution of the markets and of the risk preferences.
The different asset baskets offered by the product allow all the investment needs and preferences that the company could have, to be covered. The investment options do not offer a guaranteed interest rate, therefore it is the company (policy holder) who assumes the investment risk.
For the company:
When the manager receives the payment the company will be able to deduct from tax all the contributions made from the beginning. The company must not pay for the for the yield that is generated by the insurance, except if makes a redemption, in which case it will pay for all yield generated integrating it into the taxable base of the Company Tax.
The contributions made by the company during the whole accumulation period do not have any tax effect for managers (neither are they considered payment in kind). Tax treatment for managers when receiving payment (in the form of a lump sum) presents excellent advantages:
- For retirement of permanent disability, payment received will be taxed as income from work. There is a transitory regime which maintains the reduction of 40% for payments in the form of capital if the policy is earlier than 20/01/06 and at the moment of contingency, the contributions have an antiquity of over 2 years.
- If the payment is for permanent disability, the reduction of 40 % will be applied on the total payment
- In the event of death, the beneficiaries designated by the insured will pay for the death tax and gift tax, also applying from the general reductions according to the degree of kinship, an additional deduction of 9,145,49€ due to the life insurance.